Apr 12 2006 |
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Saudi Arabia: Eight New Saudi Firms to Go Public
RIYADH, 12 April 2006 -- The Ministry of Commerce and Industry has approved eight new companies to become shareholding companies to be traded in the stock market after receiving approval by the Capital Market Authority (CMA).Six of the companies -- Gulf Real Estate Construction Company, Lazurde Jewelry Company , Tabuk Investment and Tourism Company, Saudi Steel Company, Al-Jouf Cement Company and Saudi Health Investment Company were licensed to be established as closed shareholding Saudi companies.
Gulf Real Estate has a capital of SR150 million divided into three million shares at SR50 per share. Lazurde has a capital of SR200 million divided into four million shares at SR50 per share.
Tabuk Investment has a capital of SR24 million divided into 480,000 shares at SR50 per share. Saudi Steel has a capital of SR300 million divided into 30 million shares of SR10 per share.
The other two companies -- Ajlan and Brothers company and Saudi Paper Manufacturing -- were approved to be transferred into shareholding companies. Ajlan has a capital of SR300 million divided into 30 million shares of SR10 per share, the founders subscribed 21 million shares and 9 million shares will be floated. Paper company has a capital of SR240 million divided into 24 million shares of SR10 per share, the founders subscribed 168 million shares and 7.2 million shares will be floated. All eight companies are for a duration of 99 years and are based in Riyadh, except Tabuk Investment that will be based in Tabuk.
© Arab News 2006
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